Fuel prices at various pumps across the country are expected to go up starting today, November 17, as Oil Marketing Companies (OMCs) begin implementing new price adjustments. This follows the routine two-week pricing review, with the Chamber of Petroleum Consumers (COPEC) projecting increases between 1% and 4% per litre across major petroleum products.
While some OMCs have confirmed to JOYBUSINESS that they will immediately revise their prices upward, others prefer to monitor how competitors respond before adjusting.
Why Prices Are Rising
COPEC’s latest Pricing Outlook Report attributes the expected increment mainly to a surge in global crude oil prices. Mid-November figures show crude rising by 2.95% — from $62.82 to $64.67 per barrel — driven by heightened geopolitical and economic risks, including global tariff concerns, the U.S. government shutdown, and fresh sanctions imposed on Russian crude.
This upward movement has translated into sharp increases in refined petroleum products on the international market:
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Petrol: Up by 3.85%
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Diesel: Up by 12%
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LPG: Up by 6.97%
Even though the Ghanaian cedi has recently strengthened, COPEC notes that the appreciation was not significant enough to fully offset global price pressures. Some OMCs added that without the cedi’s gains, consumers would have seen even higher pump prices.
Cedi Performance and Market Outlook
During the pricing window starting November 16, 2025, the cedi appreciated from GH¢11.12 to GH¢10.94, a 1.57% improvement. However, Databank Research anticipates short-term pressure on the currency due to limited foreign exchange supply. This comes despite expectations of a $300 million IMF inflow in December 2025, improved investor confidence after upgraded credit ratings, and signs that the Bank of Ghana may reduce its forex market support.
Expected Pump Prices
Industry projections give a clearer picture of how the upcoming adjustments may look:
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Petrol: Rising between 1.18% and 3.54%, potentially selling around GH¢13.15 per litre.
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Diesel: Increasing by as much as 3.82%, bringing a litre to an estimated GH¢13.60.
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LPG: Expected to rise between 1.32% and 3.53%.
COPEC’s data further revealed that during the November 2025 pricing cycle, some firms recorded price reductions of 12%, 7%, and 4% per litre. These averaged at 6.96%, one of the largest declines in petroleum product prices recorded this year and possibly in recent years.
